The Apis bull logo is a registered tradem

ark of Novo N

ordisk A/S

finance innovo nordisk

JONATHAN CHARLESWORTHHealthy body, positive mindJonathan has type 1 diabetes

1 Introduction

3 Department descriptions

47 World map

Table of contents

The Finance Graduate ProgrammeThe Graduate Programme is a unique opportunity to start your career on a steep learning curve and the programme includes both professional and personal development. From the beginning, you will be assigned a personal mentor who will guide your career and support your development throughout the programme. Through a number of job rotations, you will be exposed to various types of tasks, gain international experience and start building a strong network. In each rotation, you will take up a full-time position and learn all relevant finance skills. Additionally, you will spend 30–80% of your time on key change projects. No matter where in the organisation you find yourself, you will be among passionate colleagues who share the Novo Nordisk values and work ethics with respect for society.

A number of different Graduate Programmes exist in the finance organisation. No matter which programme you choose, you will have a wide range of international opportunities within the finance organisation.

If you join the Corporate Finance Graduate Programme you will start in the corporate headquarters in Denmark, have 3 rotations in Denmark and 1 rotation outside Denmark and upon completing the programme, you will typically get your first permanent position in Denmark. Since Novo Nordisk is a global company there will of course always be plenty of opportunities to work

abroad during your career. Our most recent graduates have been on rotations in countries such as Brazil, China, India, Japan, USA and the UK.

If you join our European Finance Graduate Programme, you will start your programme at the European regional headquarters in Zurich, have 1 rotation in Zurich, 1 rotation at the corporate headquarters in Denmark and 1 rotation in a large sales affiliate in Europe. When completing the programme, you will typically get your first permanent position in the European finance organisation.

Other career opportunitiesFinance in Novo Nordisk is always looking for highly skilled employees who are open-minded and not afraid to challenge themselves and those around them, and all departments in the finance organisation frequently have open positions. Open positions are posted on the corporate web site or on local affiliate career sites.

In this pamphlet you can read more about the departments working with finance in Novo Nordisk. Their key tasks and processes are described, combined with the types of tasks and responsibilities a new employee could be exposed to and what competencies will be developed.

Novo NordiskNovo Nordisk is a healthcare company and a world leader in diabetes care, with sales of more than DKK 65 billion. The company has the broadest diabetes product portfolio in the industry, including advanced products within the area of insulin delivery systems. In addition, Novo Nordisk has a leading position within areas such as haemostasis management, growth hormone therapy and hormone replacement therapy. Novo Nordisk manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society.

Headquartered in Denmark, Novo Nordisk employs approximately 32,000 employees in over 70 countries, and markets its products in more than 180 countries.

Finance in Novo NordiskThe finance organisation in Novo Nordisk totals more than 900 employees of which approximately 400 work at headquarters and the remaining work in the affiliates around the world.

Corporate Finance is responsible for the finance strategy of the organisation and for driving the corporate processes, while the local finance units are responsible for managing the financial processes in local operations. Finance in Novo Nordisk focuses on driving the long-term financial targets of the company, including growth, profitability, financial return and generation of cash, while at the same time ensuring commitment to the Triple Bottom Line.

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Key tasks and processesBusiness Assurance delivers two kinds of services:•   “Required Assurance” – the recurring assurance tasks to ensure 

compliance with external and internal requirements within the Novo Nordisk Way, organisational audit, business ethics and financial or IT processes. The key customers for these services are the Board of Directors, the Audit Committee and Executive Management.

•   “Beyond Required Assurance” – are the services requested by senior management or developed by Business Assurance to utilise internal competencies to the benefit of our stakeholders

•   Management Support’s role is to ensure efficient and effective processes and drive initiatives to continuously update and improve procedures and systems. In this way, management support enables facilitators and auditors to reach their business targets and helps to communicate the results to relevant stakeholders in the organisation

Responsibilities of a new employee•   Participate in the development of Business Assurance’s strategy, 

Balanced Scorecard and budget•   Drive and participate in strategic projects •   Drive cross-functional processes 

e.g. monthly management reporting•   Facilitate management meetings, prepare presentations 

and follow-up on actions•   Execute ad hoc tasks 

Competencies gained•   Organisational overview•   Ability to structure and execute tasks •   Efficient stakeholder management by communicating to various 

stakeholders at different organisational levels•   Deep insight into Novo Nordisk systems and processes through 

participating in audits and facilitations

Business Assurance – Management SupportSafeguarding Novo Nordisk values and license to operate by driving integrated, efficient and value adding assurance

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Key tasks and processes•   Cash Management & Banking Services is a part of Corporate 

Treasury and is, as business partner to the global Novo Nordisk organisation, responsible for providing efficient banking services and ensuring necessary liquidity, funding and capital to Novo Nordisk’s affiliates

•   As a business partner, we collaborate closely with many areas of Novo Nordisk globally and with banks on a global scale in solving a variety of financial issues

Responsibilities of a new employee•   Handle bank strategies and bank relationships as well as 

optimise global cash management structures•   Make capital structure decisions in affiliates, including funding 

of various investment projects on a global scale •   Repatriation of cash back to Novo Nordisk A/S•   Handle credit and payment risks within the Novo Nordisk 

group, including trade finance, credit insurance, guarantees, payment terms, ROIC improvements etc.

•   Development of the Novo Nordisk in-house bank•   Various ad-hoc financial tasks and analysis

Competencies gained•   Solid understanding of Corporate Treasury, including the link 

between Corporate Treasury and line of business •   Strong business understanding through tight collaboration with 

other Novo Nordisk units, also outside the finance area•   An extensive network within the global Novo Nordisk 

organisation and with external financial partners•   Deeper insight into the financial environment and the world 

of banking

Cash Management & Banking ServicesWe contribute to competitive business performance by providing group cash management and banking services solutions, as well as regional capital structure and financial resources solutions, while being a team-oriented and attractive place to work

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Key tasks and processes•   Corporate Accounting consolidates the Novo Nordisk Group’s 

accounting figures on a monthly, quarterly and yearly basis and performs the closing processes

•   We also provide production cost and inventory valuation services for the Novo Nordisk Group

•   Based on the consolidations, Corporate Accounting prepares the annual report and quarterly company announcements and thus takes care of the external reporting in line with IFRS

•   In addition, Corporate Accounting is a global business partner and provides the Novo Nordisk accounting manual, accounting memos and advice

Responsibilities of a new employee•   Participating in consolidating figures and calculating different 

cost and inventory indicators•   Contributing to the Novo Nordisk annual report and other 

reports and announcements directed to external stakeholders

Competencies gained •   Thorough understanding of the Novo Nordisk Group’s 

accounting processes and complex accounting issues closely linked to current business developments related to new investments, partnerships and other special events

•   Improvement of quantitative and IT skills•   Communicating effectively throughout the organisation 

Corporate AccountingSecuring global compliance – Corporate Accounting is responsible for the accounting infrastructure and for ensuring global accounting compliance

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Key tasks and processes•   Corporate Controlling and Strategic Finance is responsible for

the financial processes in Novo Nordisk including monthly and quarterly reporting to the Board of Directors and Executive Management as well as the corporate budget, balance scorecard processes and preparing the long-term financial outlook

•   Priority number one is to support the CFO in ensuring sound financial management of the Group

•   Pro-active follow up on the Group’s financial performance, flagging of unwanted cost developments in due time and supporting the organisation in case of financial challenges

Responsibilities of a new employee•   Contribute to key financial processes such as monthly 

management reporting, rolling estimates and presentations to Executive Management and Board of Directors

•   Drive and participate in different projects, including ad hoc support for management

•   Help ensure that new knowledge and theories are brought into Novo Nordisk as well as help further develop a fun and rewarding workplace

Competencies gained•   An overview of the entire Novo Nordisk organisation and all 

financial processes•   Strong insight into the current and future strategic priorities of 

the company as well as business challenges•   Learning what it requires to operate a multinational company in 

terms of financial structures and processes and how to be a valuable business partner in ensuring high quality analysis and challenges to the reported input

Corporate Controlling and Strategic FinanceBe corporate business partner to the CFO by mitigating financial risks to ensure no surprises in corporate financial performance

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Key tasks and processesMaximising value and enabling effective decision-making by:•   Securing favourable terms and spend optimisation•   Increasing data accuracy and transparency•   Driving establishment and anchoring of category strategies•   Managing and develop our supplier relationships•   Continuously developing our understanding of the businesses 

and needs of our customers

Further, we drive transparent processes and providing guidance and support by:•   Managing and optimising indirect sourcing processes•   Securing clear roles and responsibilities•   Ensuring simple point of entry to line of business•   Linking the sourcing and procurement units closer together by 

sharing knowledge and best practices•   Prioritising both sourcing activities and improvement projects

Responsibilities of a new employee•   Participate in sourcing activities, e.g. negotiations and category 

strategies•   Analyse customer needs and market possibilities•   Drive and participate in sourcing projects 

Competencies gained•   Project and stakeholder management skills •   Negotiation skills obtained through training sessions, vendor 

meetings and contract settlements •   Business understanding of the areas in your span of 

responsibility•   Learning how to be a valuable sourcing partner to line of 

business globally•   Obtaining a global mindset through a global field of working

Corporate Sourcing Corporate Sourcing’s vision is to be the preferred global sourcing partner

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Key tasks and processes•   Corporate Strategy is part of Corporate Development and is 

responsible for driving the 10-year business goals and how we will grow our business in line with the Novo Nordisk Way. Each year this strategy is updated through the strategic planning process, and then provides direction for the Balanced Scorecard in the following calendar year

•   Furthermore, we are responsible for planning and executing ad hoc strategy projects for Executive Management including merger and acquisition projects, sales and divestures and strategic collaborations. We also provide support to line of business on strategic matters

Responsibilities of a new employee•   Analyse, structure, coordinate and execute projects of 

significant importance to Novo Nordisk •   In connection with the strategic planning process or in ad hoc 

projects for Executive Management, take the lead on key work streams liaising with many parts of the organisation, whereby ensuring a holistic strategic solution to often multifaceted business problems

•   Build close relationships with internal and external stakeholders to achieve optimal solutions and ensure anchoring of projects

Competencies gained•   Broad business understanding and insight into strategic 

considerations regarding the Novo Nordisk portfolio•   Insight into the current and future Novo Nordisk product portfolio•   Communication, collaboration and stakeholder management 

skills obtained via continuous dialogue with colleagues across the organisation and geographies, together with investment banks and other external stakeholders

•   Project skills 

Corporate StrategyCorporate Strategy’s ambition is to provide strategic direction for Novo Nordisk on how to grow our business in the best way possible

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Key tasks and processes•   Competitive tax level implies achieving a tax level at or below 

the peer group average•   Responsible way implies doing business in a way that meets 

expectations for a good corporate citizen. This means paying taxes where profits are earned in accordance with international transfer pricing rules. It means having a balanced tax risk profile and not engaging in tax avoidance activities

•   Key tasks are direct/indirect strategy development, project implementation, financial reporting incl. tax/transfer pricing questionnaires, contract review, affiliate review, transfer pricing documentation and new legislation

Responsibilities of a new employeeCorporate Tax works with tax compliance, indirect taxes and transfer pricing. You will be part of the dynamic global tax group and our key stakeholders are affiliates in all regions/business areas.

You will get a chance to work with:•   The tax strategy•   The quarterly and annual reporting•   The transfer pricing review, documentation and reporting•   The APA (Advanced Pricing Agreement) projects•   The intercompany transactions and contracts

Competencies gained•   Become a valuable partner to the finance organisation by 

providing high quality analysis•   Obtain unique insight in the Novo Nordisk legal structure and 

transactions between the business units•   Develop communication and stakeholder management skills

Corporate TaxOur mission is to provide Novo Nordisk with a competitive tax level in a responsible way

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Key tasks and processesWe will improve the performance of Novo Nordisk Finance substantially and drive the finance strategy by focusing on:•   Project execution: Drive all types of projects, deliver in-depth 

knowledge, exercise thought leadership and ensure high impact•   Project governance: Manage governance of projects and 

project resources and identify improvement opportunities•   Project competencies: Develop and provide tools and methods, 

conduct training, and facilitate knowledge sharing•   People development: Attract and develop highly skilled and 

engaged employees and act as a natural talent pool for management staff in Novo Nordisk Finance

Responsibilities of a new employeeParticipate as project associate in a project team and participate in the full value chain of a project. Tasks will be similar to starting in a management consultancy i.e.:•   Identify and structure problems, plan and prioritise work and 

collect data to analyse hypotheses (primarily using Excel)

•   Build storyline and structure findings (primarily using PowerPoint). Present and discuss findings with relevant management

•   Interview and challenge process owners to gain knowledge of relevant processes

Competencies gained•   Superior project management methodology•   Strong communication skills•   Insight into the key processes the project(s) focus on

Finance ProjectsWe will be the leading management support and project department in Novo Nordisk

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Key tasks and processesOur key tasks and processes can be divided into the following four categories and corresponding focus areas:•   SAP support & projects: Process optimisation, SAP experts and 

project implementation•   Novo Nordisk A/S: Royalty, month end closing and annual 

report for Novo Nordisk A/S•   Link transactions and reporting: Global expertise / process, IFRS 

expertise, accounting infrastructure, compliance by controlling and VAT

•   Global: Segregation of duties, investments, accounts receivables, global guidelines and monthly management reporting

Responsibilities of a new employee•   Contribute to the key financial processes in Financial 

Accounting & SAP Services such as monthly and quarterly closing of the parent company and reporting to management

•   Drive and participate in different ambitious local and global projects, including ad hoc support for management

Competencies gained•   An overview of the parent company and the link between 

accounting practice, SAP and management reporting•   SAP competencies•   Insight into global accounting processes •   Insight into the transparent accounting structure of 

Novo Nordisk processes and systems•   Development of project and stakeholder management 

competencies

Financial Accounting & SAP ServicesFinancial Accounting & SAP Services will drive global accounting and SAP value creation by ensuring that Novo Nordisk has the optimal accounting environment with unmatched levels of compliance and professionalism

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Key tasks and processes•   Financial Risk Management is a part of Corporate Treasury and is 

responsible for handling Novo Nordisk’s financial risk at a group level. The department manages exchange rate risk, interest rate risk, financing and the capital structure of the company

•   The processes include trading foreign exchange products and interest rate products. Furthermore, we analyse and provide inputs to management about developments in the financial markets and how these developments affect Novo Nordisk

Responsibilities of a new employeeBe part of a team that:•   manages the exchange rate and interest rate exposure•   handles daily group liquidity management •   gives advice to other units in Novo Nordisk on matters relating 

to financial markets and Novo Nordisk’s equity•   supports Novo Nordisk’s capital structure, e.g. via the share 

repurchase programme•   is responsible for the controlling and reporting of our 

financial risk

Competencies gained•   Strong understanding of the financial markets in general and 

how they impact the earnings of Novo Nordisk•   First-hand experience with the financial markets•   Insight into Novo Nordisk’s capital structure•   Interaction with key internal stakeholders, e.g. the Senior Vice 

President of Corporate Finance and the CFO, and important external stakeholders like Novo Nordisk’s international banks

Financial Risk ManagementWe contribute to competitive business performance by providing financial risk management, competitive cost of capital and sufficient financial resources for Novo Nordisk, while being a team-oriented and attractive place to work

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Key tasks and processesBusiness Assurance delivers two types of services:•   “Required Assurance” – the recurring assurance tasks to ensure 

compliance with external and internal requirements within the Novo Nordisk Way, organisational audit, business ethics and financial or IT processes. The key customers for these services are the Board of Directors, Audit Committee and Executive Management.

•   “Beyond Required Assurance” – are the services requested by senior management or developed by Business Assurance to utilise internal competencies to the benefit of our stakeholders

•   All the assurance audits conducted involve preparation and collection of data, onsite visits including interviews and possibly additional data collection. They culminate with a written report and closing meeting. After the close, follow-up may also be involved

Responsibilities of a new employee•   Participate in audits of Novo Nordisk sales and marketing

units across the world•   Participate in investigations of misconduct cases•   Drive/participate in projects across Business Assurance•   Conduct financial and contractual analyses •   Execute ad hoc tasks

Competencies gained•   Organisational overview•   Ability to structure and execute tasks as a result of driving 

diverse projects•   Efficient stakeholder management •   Deep insight into Novo Nordisk systems and processes

through conducting audits in various business units

Group Internal AuditSafeguarding the Novo Nordisk values and license to operate by driving integrated, efficient and value adding assurance

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Key tasks and processes•   New Product Planning provides commercial guidance and 

insight into the early portfolio of Novo Nordisk in close collaboration with R&D. New Product Planning is also a partner to the Chief Operating Officer and Development Portfolio Committee to whom we strive to deliver high quality proactive input to support strategic decisions regarding development projects. It is our ambition to ensure senior management decision making based on balanced and risk-adjusted assessments to secure the long-term outlook for the company

•   The more formal processes include financial valuation of the development portfolio and commercial input to milestone 1 (M1) and milestone 3 (M3) decision points for development projects

Responsibilities of a new employee•   Support project and portfolio level decisions that maximise 

potential commercial value and ensure optimal prioritization between projects

•   Contribute to the key project and portfolio assessments and financial analyses of investments in projects

•   Drive and participate in different ambitious projects, including ad hoc support for management

Competencies gained•   An overview of the full value chain of pharmaceutical 

development, working with R&D organisation and Global Marketing and support strategic decisions pertaining to the R&D portfolio

•   Insight into the future product portfolio of the company•   Learning how to be a valuable partner to R&D and Global 

Marketing by providing proactive support and challenge based on high quality analyses

•   Gain extensive experience with working in cross-functional teams

New Product PlanningNew Product Planning is an executive staff function providing strategic recommendations on early stage assets and portfolios, as well as rational, cutting edge commercial assessments to support senior management decision-making

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Key tasks and processes•   Operations Finance is first and foremost a business partner to 

the Operations organisation, which includes the sales, marketing and production organisation, to whom we strive to deliver high quality proactive support. Furthermore, it is our ambition to ensure transparent communication that enhances business and market understanding in headquarter and it is our responsibility to monitor and flag unwanted sales and cost developments in due time. As a business partner we are also present in several key management groups

•   The more formal processes include detailed facilitation of budget and balance scorecard processes together with challenging reported figures, preparing statements and present conclusions

Responsibilities of a new employee•   Business partner for one area within Operations (sales, 

marketing or product supply), with the primary goal of being the area’s expert on providing business support related to financial and ad hoc issues

•   Contribute to the key financial processes such as monthly, quarterly reporting and annual budgeting

•   Drive and participate in different ambition projects, including ad hoc support for management

Competencies gained•   An overview of Operations and insight into the strategic 

considerations regarding sales, marketing and product supply•   Profound understanding of Novo Nordisk’s line of 

business worldwide•   Competencies within financial planning and business partnering 

as well as obtaining a thorough understanding of your operational area

Operations FinanceBusiness partnering with the world

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Key tasks and processes•   The Launch team in Global Marketing is responsible for ensuring 

the commercial success of next generation modern insulins•   The unit is responsible for driving the strategic and operational 

planning of pre-launch/launch activities, carry out launch readiness reporting and deliver financial management for allocating market investments to subsidiaries

•   The department is a cross-functional entity which coordinates the commercialisation project with senior management across headquarter functions and foreign subsidiaries

Responsibilities of a new employee•   Deliver key financial processes such as annual budgets and 

rolling estimates•   Develop monthly and quarterly reports to senior management•   Contribute to analytical projects such as the development of 

global key performance indicators, launch tracking, financial risk management, sales forecast challenge or business planning process

•   Support with ad hoc management request

Competencies gained•   Experience with the key steps of bringing a pharmaceutical 

drug to market and what it takes to secure a successful launch•   Insight into Global Marketing and key strategic processes •   Learning how strategy, marketing and finance coincides in a 

top pharmaceutical company•   End-to-end insight into the financial management of a launch 

project from budgets to follow-up and analysis tasks

Launch Strategy & PlanningLaunch Strategy & Planning contributes to a world-class launch of next generation modern insulins by being the glue that connects management with affiliates; planning to execution

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Key tasks and processesProduct Supply Finance is the central finance function of Product Supply (PS). The organisation covers approx. 120 employees and has three main responsibilities in PS:•   Financial Controlling and Planning: Monitor and ensure action

by setting targets and challenging progress during the monthly management reporting- and planning processes and the ad hoc analyses. Coordinate and assess major risks in PS and the link between PS expenditure and the overall cost of goods sold for Novo Nordisk

•   Performance Management: Define strategic targets, Balanced Scorecards and follow-up on these. Create transparency by enabling high quality data and processes in our business intelligence systems and deliver high quality business analysis

•   Product Costing: Responsible for all standard costing including master data and global average manufacturing costs. Responsible for accounting related to site inventories in Denmark and abroad and for controlling of price differences, production variances, inventory adjustments as well as provisions. Support decision-making by the SAP Controlling model across the global PS organisation

Responsibilities of a new employee•   Participate in and contribute to  key costing, planning and 

management reporting processes•   Drive optimisation and projects as well as analyses and ad hoc 

support for management •   Challenge management reporting and planning from the 

different parts of the PS organisation•   Participate in the development of guidelines and training of the 

PS finance organisation

Competencies gained•   An overview of the PS organisation and detailed knowledge of 

its business drivers as well as insight to the full supply chain of Novo Nordisk

•   An understanding of good manufacturing practice and production insight

•   Controlling, accounting, project management, business intelligence, business analysis and risk management as well as stakeholder management skills

Product Supply FinanceIt is the ambition of Product Supply Finance to support Product Supply in ensuring profitability by balancing short term performance and long term growth

Besides working in Product Supply Finance in headquarter as described here, there is also an opportunity to experience the finance-related production challenges first-hand by working on-site at one of the various production facilities abroad.

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Key tasks and processes•   R&D Finance is first and foremost a finance partner to the R&D 

organisation to whom we strive to deliver high quality proactive support. It is our ambition to ensure cost-effective use of R&D resources and it is our responsibility to monitor and flag unwanted cost developments in due time. As finance partner, we are also present in several key management groups

•   The more formal processes include detailed facilitation of budget and balance scorecard processes together with challenging reported figures, preparing statements and present conclusions

Responsibilities of a new employee•   Facilitate monthly department meetings and monthly reports •   Contribute to the key financial processes such as monthly and 

annual budgets•   Drive and participate in different ambitious projects, including 

ad hoc support to management

Competencies gained•   An overview of the R&D organisation and insight into 

project governance and strategic considerations regarding the R&D portfolio

•   Insight into the current and future product portfolio•   Learning how to be a valuable finance partner by providing 

your counterpart with proactive support through ensuring high quality analyses and challenging reported budget input

R&D FinanceIt is R&D Finance’s ambition to ensure cost-effective use of resources in R&D within Novo Nordisk and be R&D’s finance partner by creating value through and beyond recurring tasks

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Key tasks and processes•   The Risk Office’s primary responsibility is to support the 

organisation in fulfilment of their Enterprise Risk Management (ERM) roles. This includes implementing and maintaining a global ERM process covering all aspects of the value chain, supporting the business where necessary by facilitating workshops and training in regional and functional business areas

•   The Risk Office is the secretariat of the Risk Management Board (RMB), which is chaired by the CFO. For the RMB, Risk Office performs quarterly risk reporting which entails reviewing and challenging global risk reports from all parts of the business. The Top10 and Top25 consolidated risk profiles for the entire company are delivered and presented to the RMB and subsequently the Board of Directors and the Audit Committee. This work is carried out in a close collaboration with a network of about 30 dedicated risk coordinators representing the entire global organisation

Responsibilities of a new employee•   Manage and coordinate projects related to developing the 

ERM system

•   Dive into specific risks through focus reports to obtain a more comprehensive insight of specific areas of the business

•   Train the network of risk coordinators through workshops, annual network days and virtual sessions

•   Review and challenge risk reports from regions/areas during quarterly risk reporting

•   Provide ongoing support for the director, e.g. preparing presentations and memos

Competencies gained•   Broad business understanding of value chain and market 

insight achieved by working with top risks across all business areas and regions

•   Project and stakeholder management skills •   Communication skills obtained through training sessions, 

presentations, workshops and continuous dialogue with risk coordinators from all over the world

Risk OfficeEfficient Enterprise Risk Management – How to avoid the Black Swans

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Key tasks and processes•   The number one priority in Sarbox Consulting is to secure 

efficient Sarbanes Oxley compliance in relation to internal controls over financial reporting. This is done by ensuring global presence in the finance organisation and by continually maintaining the Sarbanes Oxley awareness. Changes to IT systems and manual processes often compose a significant risk to Sarbanes Oxley compliance, which is why these changes are monitored proactively

•   Sarbox Consulting also utilises knowledge from the internal controls over financial reporting (Sarbanes Oxley) to implement and drive other compliance and best practice programmes. This includes best practice over internal controls and non-financial reporting in order to leverage experience from the Sarbanes Oxley implementation and in order to ensure transparency in the financial processes

Responsibilities of a new employee•   Responsible for Sarbanes Oxley areas in headquarter and affiliates 

including business trips to the US, Japan, China, Germany, France

and UK. Investigation and description of incidents that could lead to non-compliance with Sarbanes Oxley

•   Provide support to line of business regarding interaction with Group Internal Audit and external auditors in relation to issues identified in audits

•   Responsible for non-financial reporting areas in headquarter and affiliates

Competencies gained•   Understanding of how Novo Nordisk complies with Sarbanes 

Oxley and how the top-down-risk-based approach used in relation to our internal controls over financial reporting (Sarbanes Oxley compliance) can be used on many other projects

•   Broad business understanding of how processes, manual controls and IT application controls are performed across the finance organisation of Novo Nordisk

•   Stakeholder management skills through interaction with line of business, IT and Corporate Development, Group Internal Audit and external auditors

Sarbox ConsultingWe ensure a strong control environment that prevents significant accounting mistakes and fraud

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Key tasks and processes•   Staffs Finance is finance partner to the staffs areas (Corporate 

Relations, Finance, Legal, IT and Corporate Development)•   We each represent one or more areas within the staffs areas 

and are represented at senior management team meetings where we support the areas on financial matters

•   The key processes we facilitate are budgeting, monthly follow up on budgets and the Balanced Scorecard process

•   In addition to the standard processes a great deal of our time is spent providing support to the organisation on various ad hoc matters

Responsibilities of a new employee•   A new employee in Staffs Finance will take over one or 

more Corporate- or Senior Vice President areas where the employee will be the key contact for the area(s) with regards to financial matters

•   The employee will be part of the management team meetings and will be responsible for running the standard processes in his or her area(s)

Competencies gained•   Learning how to engage with colleagues at many different 

levels in the organisation •   Practising being a valuable finance partner by providing your 

customer with proactive support •   Gaining thorough knowledge of the areas you work with which 

will help you increase your non-financial business understanding

Staffs FinanceIt is Staffs Finance’s ambition to drive financial decision-making in the staffs areas by creating transparency and ensuring financial knowledge through engaging with our customers and identifying solutions for their needs

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Key tasks and processes•   Ensure that regional financial and performance related targets 

are met through cost effective use of resources•   Serve as finance partner for local line of business and 

management in terms of providing high quality reporting and proactive support

•   Tax and treasury management in cooperation with headquarters, and by engagement with local authorities

•   Accounting processes and compliance with local and global financial standards

•   People development in order to attract and develop highly skilled employees that will excel in the Novo Nordisk Finance organisation

Responsibilities of a new employee•   Take up responsibility for one or more core controlling tasks, 

such as monthly management reports, sales forecasting and analysis of divisional cost

•   Contribute to the regional financial budgeting processes by challenging budget input and preparing financial overviews

•   Engaging with management to become part of the decision making process

•   Drive and participate in different regional change projects, including ad hoc support for management

Competencies gained•   Learning how to be a valuable finance partner to line of business•   Broad competencies in several aspects of financial management•   Strong ability to communicate with stakeholders•   Insight into the dynamics and drivers of several local markets 

and healthcare systems•   Solid understanding of marketing and sales, including which 

factors drive sales and how marketing activities are conducted and impact sales

Regional FinanceThe Regional Finance units are the finance functions of the Regions which are responsible for consolidating and analysing financial input from their Business Areas. Thereby Regional Finance serves as the link between corporate headquarters and line of business and provides input for strategic decision-making

In Novo Nordisk the sales organisation is divided into Regions, Business Areas and Affiliates. There are 5 Regions covering more than 10 Business Areas which again consist of over 40 Affiliates. This description will serve as an example of a Regional Finance unit.

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Key tasks and processes•   Business Areas are coordinating activities in a number of 

Affiliates linked together by their geographical location. The finance role in a Business Area is different from the Affiliates’, but still very close to the markets. Business Area Finance focuses on the consolidation and challenge of financial data from the Affiliates within the Business Area

•   With its intermediary role between Regions and Affiliates, the Business Area is a key player in coordinating the activities across Affiliates and securing the roll out of financial regulations and changes from headquarters or the Region

•   Business Areas serve as the contact for the Affiliates’ finance units as well as having its own local finance function

Responsibilities of a new employee:•   Controlling and follow-up on sales and costs in Affiliates as well 

as on Business Area level•   Develop and drive projects and monthly reports •   Develop tools to facilitate management reporting •   Track the Balanced Scorecard for Affiliates and Business Area

•   Contribute to key financial processes, e.g. rolling estimates and anchor budget

Competencies gained•   In-depth understanding of the market conditions and 

challenges in several countries •   International communication and negotiation skills as the 

coordinating person among several Affiliates•   Deep insight into Novo Nordisk financial systems (e.g. SAP) and 

processes (e.g. anchor budget, rolling estimates, monthly management reporting, Balanced Scorecard, etc.) through daily finance operations

Business Area FinanceThe main responsibility of the Business Area Finance units is to support the link between local Affiliates and Regional offices. The Business Area Finance units consolidate and analyse financial input from Affiliates which is reported to the Regional offices

In Novo Nordisk the sales organisation is divided into Regions, Business Areas and Affiliates. There are 5 Regions covering more than 10 Business Areas which again consist of over 40 Affiliates. This description will serve as an example of a Business Area Finance unit.

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Key tasks and processes•   The Affiliate Finance function includes finance, IT and logistics 

and is closely interlinked with other departments in the Affiliate•   Key processes of the Affiliate Finance area include all financial 

transactions such as accounts receivables and accounts payables as well as sales

•   Responsibility for the distribution network covering both the supply from production sites and delivery to the customers

•   Inventory management and securing a sufficient level of stock 

Responsibilities of a new employee:•   Interaction with distributors and coordination with 

headquarters to manage inventory levels and supply chain•   3rd party due diligence and contract management•   Cost management to ensure that cost and sales targets are met•   Participate and drive cross functional projects •   Updating and reconciliation of accounts •   Processing of expense reports and payment runs•   Supporting financial processes such as monthly management 

reports, anchor budget, rolling estimates and year-end closure

Competencies gained•   In-depth understanding of local market and Novo Nordisk 

products•   System knowledge of SAP and SAP Business Warehouse•   Practical controlling experience•   Business understanding of sales, marketing and market access•   Efficient communication with various stakeholders including 

senior management•   Knowledge of country-specific distributional and financial setup

Affiliate FinanceThe Affiliate Finance units support day-to-day business in the Affiliates by analysing and evaluating developments in sales, costs and profits. Affiliate Finance thereby supports the daily interaction with the market and customers while also facilitating the linkage to the Business Area

In Novo Nordisk the sales organisation is divided into Regions, Business Areas and Affiliates. There are 5 Regions covering more than 10 Business Areas which again consist of over 40 Affiliates. This description will serve as an example of an Affiliate Finance unit.

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Novo Nordisk Organisation

Region North America Region Europe Region International Operations  Region Japan & Korea Region China

• Headquarters and corporate hubs• Research and development centres• Production facilities• Business Areas and Affiliates• Representative offices

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